Renewable Energy Saudi company invests in US battery maker Pure Lithium Saudi Arabian investment company Energy Capital Group has announced a collaboration with US tech startup Pure Lithium to develop renewable batteries. The batteries will use lithium extracted from oilfield brines, giving a further boost to Saudi Arabia’s plans to dominate in green industries. Based in Riyadh, Energy Capital Group did not disclose how much it […] September 1, 2023
Manufacturing Tunisia to scale up phosphate production Tunisia’s state-owned phosphate company is getting ready to ramp up production as part of its TD235 million ($76 million) investment programme. Next month the Gafsa Phosphate Company (CPG) will receive the first batch of machinery, including equipment to increase its capacity to transport raw phosphate and extract commercial phosphate. It will also take delivery of […] August 28, 2023
Industry Salalah Free Zone in Oman attracts $1.9bn investment Oman’s Salalah Free Zone, a subsidiary of Asyad Group, has secured investment worth OMR727 million ($1.9 billion) during the first half of 2023. Five new land lease agreements were signed during the period, taking the total number of deals to 127 and valued at OMR4.5 billion, the state-run Oman News Agency reported. The new agreements […] August 28, 2023
Analysis Trade Joramco flies high as UAE and Jordan deepen industrial ties Commercial aircraft maintenance operator Joramco is establishing a new Boeing Converted Freighter production line in the Jordanian capital of Amman. The company, which is part of Dubai Aerospace Enterprise, is flying the flag for trade relations between the UAE and Jordan as they expand their joint industrial ambitions. Joramco said the new venture will support […] August 24, 2023
Industry Saudi Arabia announces eight mining tenders Saudi Arabia’s Ministry of Industry and Mineral Resources has designated eight zones in the Riyadh region and the Eastern Province to be opened to tender, the Saudi Press Agency has said. The mining zones were listed as Ghunan, Al-Masnat, Al-Summan, Ras Al-Qarya, and eastern and western Salwa in the Eastern Province, the gravel stone complex […] August 16, 2023
Industry Saudi industrial production drops as inflation cools Saudi Arabia’s headline inflation rate dropped for the second month in succession to 2.3 percent in July from 2.7 percent in June, the slowest outturn since the middle of last year. The main drivers of price increases throughout the month were housing, water, electricity, gas and other fuels, which increased by 8.6 percent year on […] August 15, 2023
Analysis Renewable Energy Oman takes green hydrogen gamble Sometimes it takes a country. Oman is dedicating an area the size of Slovakia to solar power projects to produce green hydrogen – gas produced entirely from renewable sources. On June 1 Salim bin Nasser Al Aufi, minister of energy and minerals, signed $20 billion of contracts with partners including BP, Shell and the newly […] August 14, 2023
Industry Rising funding costs hit Ma’aden’s Q2 earnings by 91% The net profit of Saudi Arabian Mining Co (Ma’aden) fell 91 percent in the second quarter of 2023, hit by rising funding costs and falling sales prices. The mining major reported a profit of SAR350.94 million ($93.53 million) in the quarter to June 2023, compared to SAR4.02 billion in the same period last year, according […] August 14, 2023
Oil & Gas Oil cuts drag down Saudi industrial activity Saudi Arabia’s industrial production fell 1.6 percent in June, as oil production cuts lowered reported mining and quarrying productivity. The decline was reported in new data from the General Authority for Statistics (GSTAT) published on August 10. Manufacturing activity increased by 10.1 percent compared to the same month of the previous year. Electricity and gas […] August 10, 2023
Industry Alba earnings fall 84% during global economic woes Aluminium Bahrain (Alba) reported a profit of BD29.9 million ($79.5 million) for the second quarter of 2023, a drop of 83.6 percent year on year, as global economic challenges weighed down its earnings. Revenue fell 25.6 percent to BD387 million in the quarter from BD520.4 million a year earlier. Production reached 405,628 metric tonnes, an […] August 10, 2023
Exclusive Sustainability Omani firm aims to rock the world by mineralising CO2 Omani carbon mineralisation startup 44.01 plans global expansion after being named a winner of last December’s Earthshot Prize for its innovative technology. The company expects to start work in the UAE on its first pilot project outside Oman mineralising peridotite rock later this year. Peridotite – a rock found in Oman as well as in […] August 9, 2023
Transport Oman-Etihad Rail signs pact to transport steel exports Oman and Etihad Rail Company has agreed a deal to transport steel on its rail network between the sultanate and the UAE. The developer and operator of the $3 billion railway line, has agreed to carry steel products from Oman-based Jindal Shadeed Iron & Steel’s (Jindal) steel complex to the UAE. The steel producer will transport […] August 3, 2023
Development Saudi venture buys 10% of world’s largest copper maker Manara Minerals, a joint venture between Saudi Arabian Mining Co (Ma’aden) and the sovereign Public Investment Fund (PIF), will acquire a stake in Brazilian miner Vale’s subsidiary. Manara Minerals will buy 10 percent of Vale Base Metals Limited (VBM), while US investment firm Engine No. 1 will acquire three percent. The two agreements are worth […] July 28, 2023
Manufacturing Egypt grants five ‘golden licences’ for $329m projects Egypt has issued golden licences to five projects with a total investment of EGP10.2 billion ($329.34 million). The first project is a 78,000 square metre recycling factory for alternative fuel and fibre, which will be built by Enviro Process in Minya at the cost of EGP73.5 million. Fayoum Company for Storage and Warehouses will build, […] July 25, 2023
Energy Saudi hunts for critical minerals in energy transition Saudi state mining giant Ma’aden and US-based Ivanhoe Electric have closed a deal to investigate 48,500 sq km of under-explored lands in the Arabian Shield for “critical minerals” that are key to powering the global energy transition. Surveys could begin as soon as September in the new joint venture, which is worth nearly $130 million. […] July 24, 2023
Manufacturing Egypt fuels private sector investment in Saudi industrial zones Private sector investment in Saudi industrial zones has spiked by nearly 25 percent in the second quarter of 2023, with Egypt the primary source market for overseas investors. The Saudi Authority for Industrial Cities and Technology Zones (Modon) announced that SAR 2.77 billion ($735.5 million) was invested in Q2 2023 — up 23.5 percent year-on-year. […] July 24, 2023
Trade Egypt finalises mining terms with UK and Canadian firms Egypt has signed agreements with UK-listed Centamin Plc and Canada’s Barrick Gold Corporation on the commercial, fiscal and legal terms for mining gold and associated minerals across several concession blocks awarded to them two years ago. All legal procedures are underway to submit the agreement to the authorities for approval, said Tarek El Molla, minister […] July 21, 2023
Development Global firms tour new Saudi mining sites A group of local and global companies took part in a tour to explore the geological potential of a number of sites in Saudi Arabia, ahead of the next round of bids for new mining licenses. The kingdom’s ministry of industry and mineral resources said it expects to receive proposals from qualified bidders for the […] July 20, 2023
Manufacturing Egypt set to issue tenders for precious metal mining Egypt will issue tenders for mining precious and basic metals between July and September 2023, according to minister of petroleum and mineral resources Tarek El Molla. The tenders will be for mining precious metals, phosphate, sulphur and potash, he added. The minister stated that the government has launched a regional geophysical survey programme, which includes […] July 19, 2023
Development Saudi Arabia awards new gold exploration licence Saudi Arabia’s ministry of industry and mineral resources has awarded a gold exploration licence to Almasane Alkobra Mining Company (Amak). The licence, which is valid until May 19 2028, covers an area of 78 sq km in Najran province in the south of the country, the Saudi Exchange-listed mining firm said in a statement. The […] July 14, 2023
Development Saudi special economic zone plot sold for $98m The master developer of King Abdullah Economic City has announced a land sale worth SAR367 million ($98 million) as Saudi Arabia presses on with plans to create further economic zones in the kingdom. Emaar The Economic City, which is listed on Tadawul, said in a filing to the Saudi stock exchange that it has sold […] July 3, 2023
Development Oman signs concession pact for potash ore mining Oman’s ministry of energy and minerals has signed a concession agreement for the exploration and mining of potash ore with local firm Sinbad Mining Resources Company. The concession area (No. 53-A) is located in the swamp area of Umm Assameem, state-owned Oman News Agency reported. The ministry announced in March that it is working on […] June 28, 2023
